Shares of Petrobras, Other Brazil Oil Companies Higher as Oil Prices Jump
By Jeffrey T. Lewis
SÃO PAULO--Petróleo Brasileiro SA's preferred shares were up 3.2% Monday, as a raft of Brazilian oil company stocks jumped after Saudi Arabia and other oil producers said they would cut production.
Petrobras shares reached 24.20 reais ($4.79), and were down 4.3% from the end of last year through Friday's close. 3R Petroleum Óleo e Gás SA shares rose 4.4% to BRL24.20 and Petro Rio SA shares increased 4.6% to BRL32.62. Brazil's benchmark Ibovespa stocks index was down 0.8% in late-morning trading.
Saudi Arabia and other members of OPEC surprised markets Sunday by saying they would reduce output by more than a million barrels a day, starting May.
On Monday, the price of a barrel of oil was on track for its biggest single-day jump in close to a year, with the most actively traded futures for Brent crude up 6.2%.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
April 03, 2023 11:04 ET (15:04 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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